Obama unveils economic team
Tuesday, 25 Nov 2008 08:42
Barack Obama announces economic team
US president-elect Barack Obama summoned the American spirit of "determination and optimism" as he revealed his team to combat the country's economic downturn.
Mr Obama named Timothy Geithner, former president of New York's Federal Reserve Bank, as treasury secretary to head his economic policy.
Former Treasury secretary Laurence Summers will become director of the national economic council while Christina Romer will chair the White House's council of economic advisors.
Mr Obama has made clear his initial focus will be on preventing millions of job losses once he succeeds George Bush as United States president.
The struggling US economy saw the highest jobless claims filed in 18 years while new home purchases in October were the lowest in half a century.
The president-elect said the economic crisis currently faced was one of "historic proportions" but added it was important to "summon that spirit of determination and optimism that has always defined us".
"I've sought leaders who can offer both sound judgment and fresh thinking – both a depth of experience and a wealth of bold new ideas," he told reporters.
"Most of all we share my fundamental belief that we cannot have a thriving Wall Street without a thriving Main Street. That in this country we rise or fall as one nation, as one people."
Mr Obama will be inaugurated on January 20th next year.